---
schema_version: "secwatch.filing_event.v1"
accession: "0001731122-23-002083"
form_type: "8-K"
ticker: "VEEE"
cik: "0001855509"
company_name: "Twin Vee PowerCats, Co."
filed_at: "2023-11-13T23:59:59+00:00"
generated_at: "2026-06-08T05:32:39.215068+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Twin Vee Q3 nine-month revenue up 8% to $24.98M but net loss more than doubles to $4.36M

## Summary
- Consolidated net loss attributed to stockholders widened to $4.36M vs $2.43M in prior-year period.
- Gas-powered boat segment (Twin Vee + Aquasport) had combined net loss of $1.63M.
- Forza X1 subsidiary net loss rose to $4.54M from $2.21M.
- Company closed White Bluff, TN facility in November 2023, consolidating brands in Fort Pierce.
- Cash and securities for core gas boat business were $8.54M as of Sept 30, 2023.

## SEC filing metadata
- accession: 0001731122-23-002083
- form_type: 8-K
- ticker: VEEE
- cik: 0001855509
- company_name: Twin Vee PowerCats, Co.
- filed_at: 2023-11-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/e5210_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001731122-23-002083
- JSON: https://secwatch.observer/filing/0001731122-23-002083.json
- Plain text: https://secwatch.observer/filing/0001731122-23-002083.txt

## Key facts
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: The Company is pleased to report an 8% increase in consolidated net revenue for the nine months ended September 30, 2023, to $24,980,902 as compared to $23,217,634 in the same period in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: For the nine months ended September 30, 2023, Twin Vee alone had a net operating loss of $512,466, as compared to a net loss of $341,344 in the prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: The consolidated net loss attributed to stockholders of Twin Vee was $4,363,150 for the nine months ended September 30, 2023 as compared to a consolidated net loss attributed to stockholders of Twin Vee of $2,430,128 in the prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: Twin Vee’s new Aquasport monohull division contributed a cumulative net loss of $1,113,896, such that the gas-powered segment had a combined net loss of $1,626,362 for the nine months ended September 30, 2023, as compared to a net loss of $341,344 in the prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: Forza X1, Inc. (NASDAQ: FRZA), the electric boat and development subsidiary in which Twin Vee has a 44.35% controlling interest, had a net loss of $4,535,100 for the nine months ended September 30, 2023 as compared to a net loss of $2,209,238 in the prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: Twin Vee had a net loss of $512,466 for the nine months ended September 30, 2023 as compared to a net loss of $341,344 for the nine months ended September 30, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: Aquasport had a net loss of $1,113,897 for the nine months ended September 30, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm
- Earnings Releases
  Twin Vee PowerCats, Co. reported nine months ended September 30, 2023 results: net income Forza X1 had a net loss of $ 4,535,100.
  - Period: nine months ended September 30, 2023
  - Net income: Forza X1 had a net loss of $ 4,535,100
  - Result: reported results
  source text: Forza X1 had a net loss of $ 4,535,100 for the nine months ended September 30, 2023 as compared to a net loss of $2,209,238 for the nine months ended September 30, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/1855509/000173112223002083/0001731122-23-002083-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.